The reverse mortgage market in the United States is huge and there has been a big push in recent years to make sure that the seniors this market targets are kept safe from predatory lending practices. As a result, most seniors in the U.S. are aware of the fact that they need to seek out financial advice about getting a reverse mortgage before determining for certain that this is the right financial choice for them. Seniors in Australia are now being asked to take a lesson from their U.S. counterparts in this area.
Australia is one of the leading areas of the world where there has been a big boom in reverse mortgage lending. The number of both lenders and borrowers is rising rapidly and this has created some of the same concerns that existed not so long ago for borrowers in the U.S. Australian borrowers are being urged to make sure that they speak with an unbiased financial advisor in order to gain complete understanding of what the reverse mortgage is all about before moving forward with this type of loan.
Question of the Day: In what part of the world are we likely to see the next big boom in reverse mortgage lending?
